Monday, September 29th14.4°C
23366
22455

Norwegian goes black tie, buys high-end cruise line Prestige in deal valued at $3 billion

NEW YORK, N.Y. - Norwegian Cruise Line is sailing into the luxury sector by buying the high-end Prestige Cruises International in a deal valued at about $3 billion, including debt.

The deal will give Norwegian access to Prestige's eight ships on the Oceania and Regent Seven Seas cruise lines and its big-ticket vacation packages. Norwegian, which owns 13 ships, is known for its "Freestyle Cruising" that lets travellers choose where they want to eat and at what time.

Buying Prestige will help Norwegian be more competitive with its larger rivals: Carnival Corp. owns luxury cruise lines Cunard and Princess, while Royal Caribbean Cruises Ltd. owns Celebrity Cruises.

Norwegian, which is based in Miami, values the cash-and-stock deal at $3.03 billion when debt is included. The company declined to specify how much debt it would be taking on. Shareholders including private equity firm Apollo Global Management LLC, Prestige's majority owner, could get another $50 million in cash if certain performance targets are reached.

Apollo also owns about 20 per cent of Norwegian, whose shares rose 11 per cent Tuesday.

The two other big Norwegian shareholders, Genting Hong Kong Ltd. and TPG Capital, have already signed off on the deal. It's expected to close in the fourth quarter.

Shares of Norwegian Cruise Line Holdings Ltd. rose $3.68 to close at $36.99 Tuesday.

The Canadian Press


Read more Business News

23437


Recent Trending




Today's Market
S&P TSX14976.92-49.85
S&P CDNX912.76-6.66
DJIA17071.22-41.93
Nasdaq4505.853-6.341
S&P 5001977.80-5.05
CDN Dollar0.8969+0.0011
Gold1217.80-1.00
Oil92.81+0.03
Lumber334.30+5.40
Natural Gas4.138-0.016

 
Okanagan Companies
Pacific Safety0.135-0.02
Knighthawk0.01-0.005
QHR Technologies Inc1.23+0.01
Cantex0.09+0.03
Anavex Life Sciences0.185-0.01
Metalex Ventures0.0550.00
Russel Metals34.49-0.54
Copper Mountain Mining2.52+0.11
Colorado Resources0.150.00
ReliaBrand Inc0.020.00
Sunrise Resources Ltd0.065+0.045
Mission Ready Services0.34-0.02

 



23015

FEATURED Property
195161523 1925 Baron Road
3 bedrooms 1 baths
$59,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Power-save your way to a down payment

Part 2 of 2 to read Part 1, click here. 5. Dial down your vacations. New York is out. Maybe Buffalo. For West coast, maybe Seattle instead of Hawaii. Use sites like Airbnb (aribnb.ca) to find ch...


A wildly successful manufacturer

Niche food producer “Sweets from the Earth” thrives using innovation, uniqueness and an unwavering focus on quality. A neighbour’s stew turned Ilana Kadonoff off meat at the age of s...


Finding the smart money

Recently I had the privilege of working alongside André Voskuil, a local guru in the world of Alternative Financing. André has quite the reputation in the world of direct investments as ...

_



23499




Member of BC Press Council


22496